Don't Worry , Be Happy !
When the total income is determined u/s 115JB of the Income Tax Act , penalty proceeding u/s 271(1)© can not be imposed . The Delhi High Court order in CIT vs Nalwa Sons Investment Ltd [2010] 194 Taxman 387 has become finality as Supreme Court has quashed Special Leave Petition by Income Tax department in...
Very recent judgment of Supreme Court in CIT vs Reliance Petroproducts Pvt Ltd delivered on 17/3/2010, is a great relief to taxpayers as it has cleared the confusion in minds of Authorities regarding the imposistion of penalty. In fact the decision of Apex Court in Dharmendra Textile embolden Authorities to the extent that penalty proceeding
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